HR0526LRB103 35757 ECR 65838 r

1
HOUSE RESOLUTION

 
2    WHEREAS, The members of the Illinois House of 
3Representatives are disappointed to learn of the price fixing 
4real estate scandal that took place in Missouri, Kansas, and 
5Illinois over an unknown amount of time; and
 
6    WHEREAS, The National Association of Realtors (NAR) is at 
7the forefront of this scandal; founded as the National 
8Association of Real Estate Exchanges in 1908, the NAR has 
9grown to be America's largest trade association and is 
10responsible for representing 1.5 million members, including 
11National Association of Realtors's institutes, societies, and 
12councils that are involved in all aspects of the residential 
13and commercial real estate industries; and
 
14    WHEREAS, Home sellers have been awarded $1.8 billion in 
15damages following a ruling by a jury in Kansas City, Missouri 
16that found a conspiracy by the NAR existed to follow and 
17enforce the Cooperative Compensation Rule, meaning home 
18sellers would have to pay more for real estate brokerage 
19services; and
 
20    WHEREAS, The NAR has a code of ethics stating that the 
21group aims to serve consumers in a way that encourages 
22cooperation with each other while furthering their clients' 
 
 
HR0526- 2 -LRB103 35757 ECR 65838 r

1best interests; this scandal is a direct violation of the 
2association's own code and has led many consumers who put 
3their trust in the NAR to be worse off; and
 
4    WHEREAS, The NAR has great power throughout the real 
5estate field, which needs to be respected by its own members; 
6the association is relied on for important steps in citizens' 
7livelihoods in the home selling process and should not abuse 
8this power as it hurts those who it claims to help, the people 
9who are key contributors to their markets; therefore, be it
 
10    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE 
11HUNDRED THIRD GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that 
12we condemn the actions taken by the National Association of 
13Realtors that increased profits while hurting consumers; and 
14be it further
 
15    RESOLVED, That a suitable copy of this resolution be 
16presented to the National Association of Realtors.